National Health Investors(US:NHI)2022-11-15 20:14Portfolio Optimization & Dispositions - Since Q2 2021, the company completed approximately $296.4 million in senior housing dispositions at a NOI cap rate of approximately 2.7% and EBITDARM coverage of 0.47x[5] - The company is targeting additional asset sales of $50 - $60 million, which is expected to have an annualized cash rent impact of approximately $4.6 million[5] - Since 1Q21, the company has completed the sale of 9 Bickford properties for approximately $65.9 million[10] Bickford & Holiday Portfolio Repositioning - The Bickford lease was restructured effective April 1st to approximately $28 million annual cash rent with a FMV reset after two years; TTM pro forma EBITDARM coverage through 2Q 2022 was 1.32x[5] - The company transitioned 15 former Holiday properties to a new senior housing operating portfolio ("SHOP") effective April 1, 2022, to Discovery Senior Living and Merrill Gardens[5] - SHOP contributed $2.8 million to adjusted NOI during 3Q 2022 and $5.7 million YTD[5] Financial Performance & Balance Sheet - The company has maintained leverage within its stated goal of 4.0x – 5.0x net debt-to-adjusted EBITDA despite significant deferrals and asset dispositions[5] - The company completed $152 million in share repurchases year-to-date[5] - The company expects incremental SHOP long-term opportunity of $6 million - $8 million as the industry recovers[5] - The company has reduced debt by $434 million since the pandemic began and has $690 million available on the $700 million revolver at September 30, 2022[17]